Saudi Maaden Doubles Profits in Second Quarter of 2024

The Maaden Aluminum Station in Ras Al-Khair, Saudi Arabia. (Reuters)
The Maaden Aluminum Station in Ras Al-Khair, Saudi Arabia. (Reuters)
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Saudi Maaden Doubles Profits in Second Quarter of 2024

The Maaden Aluminum Station in Ras Al-Khair, Saudi Arabia. (Reuters)
The Maaden Aluminum Station in Ras Al-Khair, Saudi Arabia. (Reuters)

The net profits of the Saudi Arabian Mining Company (Maaden) doubled by approximately 192 percent to one billion riyals ($266 million) during the second quarter of 2024, compared to SAR 350.9 million ($93 million) during the same period last year.

In a statement on Tadawul, the company attributed the growth to the increase in total profit by 35 percent to SAR 572 million as a result of the rise in selling prices, the decrease in the cost of raw materials, and depreciation expenses.

In addition, an insurance claim of SAR 270 million and a one-off severance charge of SAR 192 million contributed to the higher profit, the company stated.

This increase in net profit was partially offset by a decrease in sales volume for all products, except for basic aluminum, flat rolled products and gold.

Sales increased by 3 percent to SAR 7.1 billion, compared to SAR 6.9 billion in the same period of 2023.

“We delivered a strong first half of 2024, demonstrating our ability to realize the benefits of operational efficiencies in a stable environment,” Maaden CEO Bob Wilt said.

He continued: “Our large-scale Phosphate 3 project is progressing, with construction underway, and we are moving forward with a new aluminum recycling plant at Ras Al-Khair.”

“Additionally, the successful completion of our investment in Vale Base Metals through Manara, is set to increase our exposure to green metals,” Wilt underlined, adding: “Our strategic partnerships and technology-led innovation programs are fast-tracking mineral discoveries through the world’s largest greenfield exploration program of its kind.”



GASTAT: Saudi Industrial Production Index Rose 1.6% in July

The General Authority for Statistics (GASTAT) data
The General Authority for Statistics (GASTAT) data
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GASTAT: Saudi Industrial Production Index Rose 1.6% in July

The General Authority for Statistics (GASTAT) data
The General Authority for Statistics (GASTAT) data

The General Authority for Statistics (GASTAT) in Saudi Arabia said on Tuesday that Industrial Production Index (IPI) rose by 1.6% in July this year compared to the same month in 2023.

The growth was attributed to heightened activity in the manufacturing industry, electricity, gas, steam, and air conditioning supply activities, as well as water supply, sewerage, waste management, and remediation activities, GASTAT said in a bulletin on the results of IPI for July 2024.

The report also highlighted a 4.6% increase in the sub-index for manufacturing activity compared to July 2023. Conversely, the sub-index for mining and quarrying activities decreased by 0.8% in July 2024.

The sub-index for electricity, gas, steam, and air conditioning supply activity showed a notable 8.2% increase, while the sub-index for water supply, sewerage, waste management, and remediation activities saw a growth of 1.1% over July 2023.

Data revealed a 1.1% decrease in the index for oil activities in July 2024, along with an 8.2% increase in non-oil activities, compared to the same period the previous year.
IPI is an economic indicator that tracks the development and relative changes in the volume of industrial production quantities. This data is derived from the Industrial Production Survey, conducted among a sample of industrial establishments involved in mining, manufacturing, electricity and gas supply, water supply, sanitation, waste management, and remediation activities.